[quote=CONCHO][quote=Arraya]LOL The Russians oil production peaked two years ago…
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LOL oil prices peaked two years ago too. Why spend money pumping it, refining it, putting it in tankers when the price is falling? Wait till the price hits $120/barrel in 6 months and you’ll see their production ramp right back up to where it was in 2008. Gold mines slow down when the price falls and ramp up when it increases, it’s the same in the oil biz too.[/quote]

your time line is off they started decreasing before the price peaked. But that is beside the point. I will say it again:

We have 150 years of observing oil wells peak and decline, even in Russia. We have also seen, towns, regions and countries peak and decline. It’s no secret that the US peaked in 71, Iran 74, Mexico 2003(dropping like a rock), so forth and so on. Central Texas is littered with ghost towns that have been sucked dry. We have not made a major discover since the sixties.

The only major players today with spare capacity are SA and Iraq(Saddam was not good at pumping oil). Maybe Russia But it’s kind of irrelevant to the big picture.

Also, peak oil is about maximum FLOW RATE and nothing more, Obviously if oil was abiotic it would still have a maximum flow rate.

Interestingly, peak oil seems to be a double secret reverse conspiracy. It’s categorically denied by official sources. They claim like 2025 onward. There is even ample evidence of the Bush admin putting pressure on agencies to fudge the numbers to the optimistic side – to “not panic financial markets”. The greens claim it is an oil company conspiracy to get high oil prices, those on the right claim it is to implement socialism and official sources deny it. Pay no attention to the hands of texas oil men all over the corpse of Iraq – which could be the new Saudi Arabia.